- Prudential (SGX:K6S)'s 1H24 VNB (value of new business) rose 8% y-o-y to US$1.5bn, missing teen growth expectations mainly from soft HK and China sales momentum
- Adjusted operating profit rose by 9% y-o-y to US$1.5bn, a small beat of 3%, benefiting from its asset management arm’s strong growth
- - Read this at SGinvestors.io -
Investment Thesis
- Well-positioned to capture structural life insurance opportunities in the fast-growing Asian market. Markets with Prudential’s footprints are growing twice as fast as the rest of the world; the rapidly rising middle-class population in Asia is expected to increase the awareness and demand for protection and wealth management solutions.
- We believe Prudential is well positioned to capture the structural life insurance opportunities in the fast-growing Asian market by leveraging its market leadership across Asia and Africa and productive multi-distribution channels in four focused regions: Greater China, ASEAN, India, and Africa.
Ambitious targets to 2027.
- - Read this at SGinvestors.io -
- Its organisational model is reshaped to empower local market CEOs and enhance group-wide technology platforms and high-performance culture.
VNB to recover 2H24F and onward.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Iris GAO DBS Group Research | Ken SHIH DBS Research | https://www.dbs.com/insightsdirect/ 2024-08-30
Previous report by DBS:
2024-04-25 Prudential 1Q24 Preview - Product Mix Improvement To Offset Margin Pressure.
Price targets by other brokers at Prudential Target Prices.
Listing of research reports at Prudential Analyst Reports.
Relevant links:
Prudential Share Price History,
Prudential Announcements,
Prudential Dividends & Corporate Actions,
Prudential News Articles
